Joby Aviation (NYSE:JOBY) Downgraded by Zacks Research to “Strong Sell”

Joby Aviation (NYSE:JOBY) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Tuesday,Zacks.com reports.

A number of other research firms have also recently issued reports on JOBY. Weiss Ratings reissued a “sell (d-)” rating on shares of Joby Aviation in a research report on Wednesday, October 8th. Morgan Stanley raised their price objective on shares of Joby Aviation from $7.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, October 9th. HC Wainwright cut shares of Joby Aviation from a “buy” rating to a “neutral” rating in a research note on Thursday, August 7th. Wall Street Zen lowered shares of Joby Aviation from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Joby Aviation from $5.00 to $7.00 and gave the company an “underweight” rating in a research note on Friday, August 1st. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Joby Aviation has a consensus rating of “Reduce” and a consensus target price of $11.83.

Joby Aviation Stock Down 2.9%

Shares of Joby Aviation stock opened at $17.59 on Tuesday. Joby Aviation has a 12-month low of $4.80 and a 12-month high of $20.95. The firm has a market capitalization of $15.05 billion, a PE ratio of -16.44 and a beta of 2.52. The stock’s fifty day moving average is $15.66 and its 200-day moving average is $11.57.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.06). The company had revenue of $0.02 million for the quarter, compared to analysts’ expectations of $0.05 million. The business’s revenue for the quarter was down 94.6% on a year-over-year basis. During the same period last year, the company earned ($0.18) earnings per share. Analysts expect that Joby Aviation will post -0.69 EPS for the current year.

Insider Buying and Selling at Joby Aviation

In other Joby Aviation news, insider Bonny W. Simi sold 173,456 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $17.25, for a total value of $2,992,116.00. Following the completion of the transaction, the insider owned 211,397 shares of the company’s stock, valued at $3,646,598.25. This represents a 45.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Eric Allison sold 27,537 shares of the firm’s stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $16.84, for a total value of $463,723.08. Following the completion of the sale, the insider owned 692,428 shares of the company’s stock, valued at $11,660,487.52. This represents a 3.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,830,880 shares of company stock valued at $28,060,985 in the last three months. Company insiders own 28.50% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. CWM LLC boosted its position in shares of Joby Aviation by 8.1% during the 2nd quarter. CWM LLC now owns 9,156 shares of the company’s stock valued at $97,000 after acquiring an additional 689 shares in the last quarter. GPS Wealth Strategies Group LLC grew its position in Joby Aviation by 32.0% in the second quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company’s stock valued at $33,000 after acquiring an additional 750 shares during the period. Allworth Financial LP increased its position in shares of Joby Aviation by 11.9% during the 2nd quarter. Allworth Financial LP now owns 7,197 shares of the company’s stock worth $76,000 after purchasing an additional 763 shares in the last quarter. Flagship Harbor Advisors LLC increased its holdings in shares of Joby Aviation by 2.6% during the second quarter. Flagship Harbor Advisors LLC now owns 31,726 shares of the company’s stock worth $335,000 after buying an additional 800 shares in the last quarter. Finally, EP Wealth Advisors LLC raised its position in Joby Aviation by 2.2% in the 2nd quarter. EP Wealth Advisors LLC now owns 38,228 shares of the company’s stock valued at $403,000 after purchasing an additional 821 shares during the last quarter. 52.85% of the stock is owned by institutional investors.

About Joby Aviation

Joby Aviation, Inc, a vertically integrated air mobility company, engages in building an electric vertical takeoff and landing aircraft optimized to deliver air transportation as a service. The company intends to build an aerial ridesharing service, as well as developing an application-based platform that will enable consumers to book rides.